Crypto scams are on the rise. Vancouver Police offer tips to keeping your money safe

As cryptocurrency gains popularity, scams targeting digital currency investors are on the rise across the United States. The Federal Trade Commission (FTC) has issued warnings to help consumers identify potential scams.

The FTC emphasized that no legitimate business or government agency will demand payment in cryptocurrency. Consumers should be wary of anyone guaranteeing large profits or returns and should not trust individuals met on dating websites who request cryptocurrency payments.

Kim Kapp of the Vancouver Police Department said some individuals have lost tens of thousands of dollars to these scams. “Unfortunately, once you send over those payments, it’s nearly impossible to get your money back,” Kapp said.

For those interested in investing in cryptocurrency, Kapp advised taking steps to verify the legitimacy of firms. “Make sure that firm has a website, that their principles are identifiable. I would even check LinkedIn to see if they have a LinkedIn profile,” she said.

The value of Bitcoin has surged by more than 50 percent since Donald Trump’s election victory, attracting more Americans to the cryptocurrency market. However, this increased interest has also provided scammers with more opportunities to exploit unsuspecting investors.

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